18th Dec 2025 07:56
(Alliance News) - Currys reports improved half-year earnings, Naked Wines expects annual profit at the top end of its guide, but revenue at the lower end, while Time Out Group plans a GBP8 million fundraise as it grapples with tricky market conditions in its Media business.
Here is what you need to know before the London market open:
----------
MARKETS
----------
FTSE 100: called up 0.2% at 9,789.12
GBP: higher at USD1.3368 (USD1.3359 at previous London equities close)
----------
BROKER RATINGS
----------
RBC raises Watches of Switzerland target to 520 (460) pence - 'sector perform'
----------
COMPANIES - FTSE 100
----------
BP Chief Executive Murray Auchincloss has left the position, and will be replaced by Woodside Energy Group boss Meg O'Neill. The London-based oil major says Carol Howle, current executive vice president, supply, trading & shipping of BP, will serve as interim CEO until O'Neil joins on April 1, 2026. Auchincloss will serve in an advisory role until December 2026 to ensure a smooth transition.
"We are delighted to welcome Meg O'Neill to the BP team. Her proven track record of driving transformation, growth, and disciplined capital allocation makes her the right leader for BP," says BP Chair Albert Manifold. Outgoing CEO Auchincloss said: "After more than three decades with BP, now is the right time to hand the reins to a new leader." Auchincloss was appointed BP's permanent CEO in January 2024, taking over from his role as interim CEO, a position he held since Bernard Looney's departure in September 2023.
----------
COMPANIES - FTSE 250
----------
Currys reports a swing to half-year profit and the electricals retailer has outlined plans for GBP75 million worth of shareholder returns. Pretax profit in the half-year ended November 1 amounted to GBP9 million, swinging from a loss of GBP10 million. On an adjusted basis, it rose to GBP22 million from GBP9 million. Revenue improved 8.0% to GBP4.23 billion from GBP3.92 billion, Currys says. "We're pleased with the momentum we've built, with healthy growth in sales, profits and cash flow. In the Nordics, being the clear leader in an improving market, combined with strong execution, has driven another notable step forward in profits. It's pleasing that strong top-line growth is translating into improved profitability. In the UK&I, the consumer environment is more muted, and cost headwinds are unhelpful. Still, we're the growing market leader, gaining share, and our margin and cost discipline is going a long way to mitigate headwinds and protect profits," CEO Alex Baldock says. "We entered peak well prepared, with strong stock availability and market-leading deals that reflect our unmatched importance to our partners. Trading is in line with expectations." Currys says it will pay a 0.75 pence per share interim dividend. It did not pay one a year prior. "Including our ongoing GBP50 million share buyback, we're returning GBP75 million to shareholders this year," it adds. Looking ahead, it expects profit and free cash flow growth for the year.
----------
OTHER COMPANIES
----------
FRP Advisory Group reports an increase in interim earnings and it is confident of meeting full-year forecasts. The business advisory says pretax profit in the six months to October 31 rises 2.8% to GBP18.3 million from GBP17.8 million a year prior. Revenue improves 12% to GBP87.1 million from GBP77.6 million. Adjusted earnings before interest, tax, depreciation and amortisation rose 3.1% to GBP23.0 million from GBP22.3 million." The group is confident that it is well-positioned to continue making progress across all service pillars following the 2025 autumn budget. While fiscal clarity could strengthen business confidence and support new investment decisions, tax policy will continue to exert pressure on companies, particularly consumer-facing firms," FRP says. The firm is "confident of achieving full year expectations". It puts consensus for revenue at GBP164.2 million and adjusted Ebitda at GBP44.8 million. In financial 2025, revenue amounted to GBP152.2 million its adjusted Ebitda totalled GBP41.3 million. FRP has lifted its interim dividend by 5.3% to 2.0p per share from 1.9p.
----------
Media and hospitality firm Time Out Group says its annual performance fell short of expectations. Time Out also announces a plan for a GBP8 million fundraise. Time Out's pretax loss in the year to June 30 widened to GBP58.8 million from GBP9.4 million, the firm says, while revenue declined 7.0% to GBP73.2 million from GBP78.7 million. "Whilst FY25 financial performance was below our targets, we have acted swiftly and decisively to adapt and improve the business and profitability, both in the short and medium to long-term," Time Out says. Its Markets arm, which has offerings in a number of cities worldwide, is expected to continue an expansion. The year just ended saw openings in Iberian cities Barcelona and Porto. Market revenue improved 9%, Time Out says, but Media revenue slumped 26%. Time Out says it has completed a Media unit strategy review. "Actions implemented are expected to return the business unit to Ebitda profitability in H1 FY26, with revenues growing in the largest US and UK business units," it adds. Time Out will look to raise GBP8.0 million through placings and a retail offer at 8.0 pence per share, a 30% discount to its 11.5p closing price on Wednesday. The fundraise includes a firm placing of 35.7 million shares, raising GBP2.9 million. Oakley Capital Investments Ltd has committed to taking up that full amount. In addition, there will be a conditional placing of 64.3 million shares to raise GBP5.1 million. OCI has committed to taking up 2.3 million shares, while Oakley Capital Ltd has committed to 4.4 million. Lombard Odier Asset Management has committed to 29.4 million. Oakley Capital Ltd is "further committing to take up any additional conditional placing shares not taken up by other investors". Time Out is launching a separate retail offer to existing and new retail investors. It also announces a debt to equity conversion deal with Oakley Capital Ltd, which will see GBP4.9 million in outstanding debt converted to new shares. The fundraise will go towards "operational improvements, working capital and growth capital expenditure purposes".
----------
Naked Wines expects annual profit at the top end of guidance, with trading in its peak period robust. The online wine retailer says the outlook "reflects the current success of peak trading across all markets". However, revenue will be at the lower end, which it puts down its "strategy of removing inefficient investment". Earlier this month, in results for the half-year to September 29, Naked Wines reiterated its annual guidance range, which spans GBP200 million to GBP216 million for revenue and GBP5.5 million and GBP7.5 million for adjusted Ebitda. Revenue in financial 2025 amounted to GBP250.2 million and adjusted Ebitda at GBP6.7 million.
----------
By Eric Cunha, Alliance News news editor
Comments and questions to [email protected]
Copyright 2025 Alliance News Ltd. All Rights Reserved.
Related Shares:
BPCurrysFrp Advisory GroupTime OutNaked WineOakleyWoodside EnergyWatches Switz